UnitLevel 5Postgraduate

ETF5202 Statistical foundations of business analytics

Faculty of Business and Economics

ETF5202 Statistical foundations of business analytics is a level 5, 6-credit-point, postgraduate unit from the Faculty of Business and Economics, offered in 2024 in Semester 2 at Caulfield. It needs ETB1100, SCI1020, ETX5900, ETW1001, STA1010, ETM5900, ETX1100, ETC5900, ETC1000, FIT1006, ETF5900 or ETF1100 and unlocks 2 units.

Credit points
6
Offered in 2024
Semester 2
Caulfield
Assessment
Exam 60%
and 1 other task
Workload
144 hours
per semester

This is the 2024 handbook entry. See the 2027 entry.

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Requisites

Overview

The business world is characterised by decision making in an environment of risk. To gain a deeper understanding of the tools and models used in business analytics, a strong foundation in probability and statistics is required. Probability provides a "language" for thinking about risk, while statistics provides a framework for making data-driven inferences and predictions. This unit provides a strong grounding in these fundamentals. Some of the topics covered may include risk v uncertainty v probability, famous statistical paradoxes, decision theory, frameworks for statistical inference (frequentist, Bayesian, etc.) and simulation and re-sampling. Examples from real world business problems will be used to motivate each topic.

Offerings in 2024

Teaching periodCampusMode
Second semesterCaulfieldOn campus

Assessment

  • Within semester assessment
    40%
  • Examination
    60%

Learning outcomes

When you finish this unit, you should be able to:

  1. 1

    think and communicate about risk in a probabilistic way and apply this thinking to a business problem

  2. 2

    understand random variables, statistical distributions and conditional probability

  3. 3

    appreciate how conditional probabilities can be misinterpreted in business settings and how this is overcome with Bayes’ Rule

  4. 4

    frame a business problem using probability and statistics and make data-driven decision in the presence of risk

  5. 5

    apply the main methods of statistical estimation, prediction and inference and evaluate their properties

  6. 6

    evaluate and choose between different statistical models.

Workload and teaching

  • Tutorials18 hours
  • Seminars24 hours
  • Teaching approachProblem-based learning
  • Teaching approachActive learning

Minimum total expected workload to achieve the learning outcomes for this unit is 144 hours per semester typically comprising a mixture of scheduled learning activities and independent study. Independent study may include associated readings, assessment and preparation for scheduled activities. You are expected to complete all pre-class activities prior to your scheduled class, and post-class activities should be completed after your scheduled class. Learning activities may include a combination of teacher directed, peer directed and online engagement activities.

This unit includes problem-based learning approaches, where you engage in research, integrate theory and practice and apply knowledge and skills to develop viable solutions in response to a problem or set of problems.

This unit engages you in actively applying your knowledge, skills and attributes in interactive, collaborative and reflective activities.

Learning resources

Technology resources

There may be an additional cost associated with purchasing a physical and/or virtual calculator. Specific details will be provided in the Learning Management System by commencement of Orientation week.

Where it fits

ETF5202 is part of 2 areas of study in the 2024 handbook.

Contacts

Chief Examiners
Associate Professor Bin Peng

Common questions

What are the prerequisites for ETF5202?

You need ETB1100, SCI1020, ETX5900, ETW1001, STA1010, ETM5900, ETX1100, ETC5900, ETC1000, FIT1006, ETF5900 or ETF1100 before you enrol.

What can I take after ETF5202?

ETF5202 is a prerequisite or corequisite for 2 units, including ETF5321 and ETF5500.

When is ETF5202 offered?

In 2024, ETF5202 runs in Semester 2 at Caulfield.

How much work is ETF5202?

The handbook expects about 144 hours of study across the semester. No students have rated its difficulty yet.

Does ETF5202 have an exam?

Yes. The exam is worth 60% of the final mark, alongside 1 other task.

Which majors and minors include ETF5202?

ETF5202 is part of Data analytics for business; and Financial and risk management.

More details

Credit points
6
Level
5
Study level
Postgraduate
Faculty
Faculty of Business and Economics
Organisational unit
Department of Econometrics and Business Statistics
Type
Coursework
EFTSL
0.125
Student contribution
SCA Band 1
Study abroad
Available
Handbook years
20232024202520262027